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Oil & Gas

Eni’s gas production in Egypt down by 6% in 4Q 2022

Posted: February 26, 2023 at 1:40 pm   /   by   /   comments (0)

Eni gas production in Egypt down in 4Q 2022: Eni’s natural gas production in Egypt fell 6% y-o-y in 4Q 2022, contributing to a fall in the company’s overall gas output, the Italian energy giant said in its earnings release Thursday. The company produced 1,331 mn cubic feet per day in the October-December period, down from 1,414 mn cf/d in the same period in 2021 and 1,418 mn cf/d in 3Q 2022, the company said.

Eni is a key partner for Egypt, producing 60% of its gas and owning a 50% stake in its Damietta LNG plant, one of the country’s two export terminals. Egypt is a major market for Eni, contributing a third of its total gas production during the quarter.

Egypt’s gas production was said to be on the slide last year: National output had fallen to 6.5 bn cf/d by 3Q 2022 from a peak of 7.2 bn cf/d, according to figures picked up by MEES.

An exploration success: Eni and Chevron announced a significant discovery in the eastern Mediterranean in January. The gas deposit has been said to hold 3.5 tn cubic feet of natural gas though we’re still waiting on the companies and the Oil Ministry to confirm its size.